Panasonic is coming out of the refrigerator and washing machine segment in India as part of a global restructuring of its business with Japanese appliances and home appliance majors.
Both the refrigerator and washing machine segments were the loss-making business for Panasonic in India, and they struggled to make space in the market.
According to GFK figures, Panasonic has a very low market share in both the refrigerator and washing machine segments.
In washing machines, the share was 1.8%, while in refrigerators it was 0.8%. In both segments, Panasonic reported losses in sales over the past six years.
When contacted, a spokesman for Panasonic Life Solutions India said in a statement that this was in line with its global strategy.
“In line with our global strategy and evolving market dynamics, Panasonic, India is restructuring its operations to focus on future prepared growth segments such as home automation, heating ventilation and cooling, B2B solutions, electricity and energy solutions.”
“As part of this growth strategy, we will focus on HVAC, which will focus on commercial and residential and television in the Panasonic Consumer Business category, and will cancel the washing machine and refrigerator category,” she said.
